Genesis Automation Healthcare, an Irish healthtech company with a U.S. office in St. Petersburg, was acquired by California-based Diversis Capital this month.\u00a0<\/p>\n
The organization, which developed a supply chain automation solution for hospitals, has collaborated with clients such as the National Health System of Scotland and Jackson Health System in Miami.\u00a0<\/p>\n
The financial details of the transaction were not disclosed.\u00a0<\/p>\n
Genesis worked with technology investment bank AGC Partners London to explore options, said the company\u2019s founder and vice chairman Noel O\u2019Hanlon. Bank representatives spoke with various private equity organizations in Europe and the U.S.\u00a0<\/p>\n
\u201cDiversis has a lot of partners that help portfolio companies be successful,\u201d he explained. \u201cIt has team members who look after things like contact management and the sales force. So, Diversis has a lot of expertise within the business that it can give to its portfolio companies to help them grow faster.\u201d\u00a0\u00a0<\/p>\n
Genesis\u2019s platform can help manage inventory, address safety and compliance concerns associated with living tissue supplies and track the location of critical equipment within a hospital, among other features.\u00a0<\/p>\n
The company opened a St. Petersburg office, at 360 Central Avenue, after O\u2019Hanlon moved to the area nine years ago. It previously had an office in Miami.\u00a0<\/p>\n
Diversis Capital also acquired two other companies within the hospital supply chain management space.\u00a0<\/p>\n
Meperia, based in Vero Beach, Florida, created a supply chain and procurement intelligence platform. The solution helps identify cost savings opportunities, allows users to compare prices of substitute items and directs individuals to specific products and services to reduce cost leakage or a loss of funds due to inefficiencies or errors. \u00a0<\/p>\n
Kermit, based in Maryland, has developed a bill-only automation and analytics platform for physician preference items. These are supplies, such as implantable devices, that doctors select based on their personal liking.\u00a0<\/p>\n
The solution helps hospitals be more transparent about physician preference item prices and assists with cost reduction. Currently, the company serves more than 25 hospitals and health systems.\u00a0<\/p>\n
The two companies will join the Genesis Automation Healthcare brand. This will help create a comprehensive \u201csupply chain and inventory management solution to combat waste, financial leakage, compliance risks and administrative burdens on clinicians and hospital managers,\u201d according to a prepared statement from Diversis.\u00a0<\/p>\n
\u201cThe hospital inventory management and supply chain market has been in need of institutional-scale transformation,\u201d said Diversis managing partner Ron Nayot in a prepared statement. \u201cWith this combination, we\u2019re establishing the clear market leader with the scale, technology and expertise to drive meaningful change across the industry.\u201d<\/p>\n
O\u2019Hanlon will remain involved with Genesis and the St. Pete office will remain. However, he said, there may be changes in the future.\u00a0<\/p>\n